U.S. Treasury Secretary Says Hormuz Reopening Deal With Iran Near

2026-08-04

Deal to Reopen Strait of Hormuz May Be Reached

U.S. Treasury Secretary Scott Bessent said on the 4th that a deal with Iran to reopen the Strait of Hormuz could be reached 'today or tomorrow.' He stressed that 'energy prices would regain stability' if freedom of navigation were secured. He made the remarks in an interview with U.S. television network CNBC.

As the basis for his view that a deal could be reached, he argued that 'Iran's navy and air force have been decimated, and most of its missiles have been destroyed.'

Oil Plunges, Dow Up 800 Points at One Stage

Oil prices plunged after the remarks were reported, on expectations that the disruption to energy shipments would be resolved. The front-month September contract for WTI (West Texas Intermediate) fell as much as 6% from the previous day to the high $75 range per barrel. Stocks also attracted buying, with the Dow Jones Industrial Average's gain temporarily exceeding 800 points from the previous day.

Regarding the Strait of Hormuz, the blockade was temporarily lifted in June under a memorandum between the United States and Iran. However, negotiations on a final agreement to end the fighting stalled, and Iran blocked the strait again. The U.S. military also resumed measures to block vessels entering and leaving Iranian ports, sending oil prices back into an upward trend.

U.S. President Donald Trump told reporters on the 3rd that talks aimed at ending the fighting with Iran were 'going on right now.' Iran, meanwhile, has denied negotiations with the United States.

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